At meeting held on 17 January 2021The Board of Metropolis Healthcare at its meeting held on 17 January 2021 has approved the following:
Increase in in limits available with the Company to provide loan, guarantee to any person or Body
Corporate or make investment in any Body Corporate under Section 186 of the Companies Act,
2013 from Rs.500 crore to Rs.1200 crore, subject to the approval of the shareholders.
Acquisition of entire 100% stake in Dr. Ganesan s Hitech Diagnostic Centre and its
subsidiary ( Hitech ) from its existing promoters / shareholders for a consideration to be discharged
partly by Cash and partly by issuance of equity shares of the Company.
HDFC Bank reported 18.1% rise in net profit to Rs 8,758.29 crore on 4.1% increase in total income to Rs 37,522.92 crore in Q3 FY21 over Q3 FY20. Net interest income for the quarter ended 31 December 2020 grew by 15.1% to 16,317.6 crore from 14,172.9 crore for the quarter ended 31 December 2019, driven by advances growth of 15.6%, and a core net interest margin for the quarter of 4.2%.
HDFC Bank said that the impact of COVID-19, including changes in customer behaviour and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activity, which may persist. While there has been a gradual pickup in economic activity since the easing of lockdown measures, the continued slowdown led to a decrease in loan originations, the sale of third-party products, the use of credit and debit cards by customers and the efficiency in collection efforts.
Metropolis Healthcare announced that the board of directors has approved the acquisition of Dr. Ganesan s Hitech Diagnostic Centre (Hitech).
Established in 1986, Hitech Diagnostic Centre is a diagnostics laboratory chain in the South India market. Metropolis will acquire 100% equity of Dr. Ganesan s Hitech Diagnostic Centre in a combination of cash and stock deal. The entity is a debt free company. This acquisition is expected to be completed within 3 months.
Cash consideration will be Rs. 511 crore and Metropolis will issue up to 4,95,000 equity shares of Face Value Rs.2/- each on preferential basis, subject to Shareholders approval, to the Promoter Group of Hitech. The cash consideration will be funded through internal accruals and debt of up to Rs 300 crore.